Negotiating A Settlement: How To Be Good At It
Whether it is a business dispute or an insurance settlement, using negotiating skills to tilt the outcome in your favor is smart. It is usually not possible to do this on your own without legal representation. Even when you know how to negotiate a settlement, understanding what the other party is thinking and taking proactive steps to have a positive outcome is a tough proposition.
Here are some great practical ways you can use to negotiate a settlement.
Decide on Best and Worst-Case Scenarios
Before you go to meet the other party for the discussion of the settlement, you need to decide what the best and worst-case scenarios are. Get your team together and find out what is the best possible outcome or maximum amount of compensation you can expect. Also, find out what is the lowest compensation you will settle for. When you know this, you can go into the negotiating room with a clear head for discussion.
Be Prepared to Show the Other Party Your Position
At the negotiating table, it is often found that the victim gives a settlement offer and then the other party proposes a counter-offer. So they go back and forth without much development. Instead of doing that, it is important to let the other party know what your position is and why it has merits. Knowing what makes your case stand on its feet and being prepared to explain it well to the other party is the best thing to do.
Non-Verbal Communication is Key
It is easy to place more importance on the verbal communication happening when you are negotiating compensation. But the non-verbal communication to has to be noticed. Sometimes, one party will be confident about their position which shows. Sometimes, a party will be setting their part of the conversation in a half-hearted manner which can mean that their confidence is lacking. All this can play a part in the negotiation and can help you get a better offer.
The Temptation of Meeting Them Halfway
On the negotiating table, there is no sane attorney who will be willing to meet the other party halfway. Splitting the difference or splitting the costs is just not a good way if your goal is to get the maximum settlement amount. It can be a personal injury case or it can be something else, but if you know your party is not at fault, then sticking to your guns is the best way.
Why it is Beneficial to Negotiate a Settlement?
When it comes to legal matters, it is almost always better to negotiate a settlement. The other option one has is to go to court. This can create lots of hurdles and be time-consuming too. What’s more, going to court is going to cost quite a bit of money as well for all the parties involved.
Instead, it is better to negotiate a settlement that both parties agree on so that everyone can spend money on court and legal costs.